RIYADH: Jordan’s energy and green economy sectors are set to receive over $100 million in investment annually, according to a top official.
The First Vice President of the European Bank for Reconstruction and Development Jurgen Rigterink revealed to the Jordan News Agency that the bank looks forward to expanding its activities and investments in the country to reach over $100 million annually, covering areas such as energy, water, clean energy, and the green economy.
Regarding the bank’s investments in the country, Rigterink mentioned that over the past 12 years, the bank has invested in 71 projects totaling an estimated €2.1 billion ($2.2 billion), with €268 million in concessional financing.
He added that last year, the bank invested in five projects worth €62 million.
Rigterink affirmed that Jordan’s economy is performing well in the medium term and is moving at a stable pace despite the crises facing the region. He attributed the performance to successfully implementing the economic modernization vision and attracting foreign direct investment.
In an interview with the agency, also known as Petra, he highlighted the economic modernization vision launched by the government last year.
The vision includes developmental and strategic projects to increase economic growth, reduce unemployment rates, and issue laws and legislation supporting this vision, including investment regulations, public-private partnerships, and combating tax evasion.
The VP is visiting Amman to familiarize himself with the bank’s activities in Jordan and identify economic and investment opportunities in the country to determine potential areas for future bank support.
He reiterated the bank’s support for Jordan during this challenging time for the region and emphasized that discussions were held with Deputy Prime Minister for Economic Affairs Nasser Shraideh and Minister of Planning and International Cooperation Zeina Toukan regarding current and future investments to support the country’s economic growth and stimulate job creation.
Regarding the impact of the Gaza war on the country’s economy, Rigterink expected it to affect the local economy, which has shown resilience against challenges, stable growth, and low inflation rates due to the pegging of the dinar to the dollar.
He explained that the private sector would remain cautious about initiating new investments or expanding existing ones due to the uncertain situation.
Regarding the Green Star Venture programme, Rigterink affirmed its aim to enhance the competitiveness and growth of small, medium, and start-up companies in Jordan, contributing to the country’s green transformation.
He highlighted the role of small and medium-sized enterprises in achieving a greener economy by providing innovative eco-friendly products and services, noting that the bank has provided technical and advisory support to 500 SMEs, considering them as the backbone of economies and job providers.
The VP confirmed the bank’s support for SMEs by providing banking facilities via local financial institutions, mentioning the launch of green economy financing to boost green investments in Jordan’s private sector through partner local financial institutions.
He also emphasized the bank’s commitment to supporting Jordan’s transition to a comprehensive, competitive, and sustainable economy, mentioning several Aqaba Special Economic Zone projects, such as an eco-friendly electric bus initiative and a solid waste management undertaking.
Jordan joined the bank as a member in 2011, was granted recipient country status for aid in 2013, and has a permanent office to manage its operations in Jordan, the West Bank, the Gaza Strip, and Lebanon.
Source: Arab News
